Dáil Éireann Debate, Wednesday - 20 April 2016
96. Deputy Pearse Doherty asked the Minister for Finance to provide the moneys paid out by the Insurance Compensation Fund for each of the past five years; the amount that would have been paid out if the ICF had no caps, absolute or based on percentage, on payments for third party claims, in tabular form; and if he will make a statement on the matter. [7339/16]
Amharc ar fhreagraThe payments from the Insurance Compensation Fund outlined below were in respect of insurance undertakings in administration and consequently no caps or limits applied, with the exception of 2014. Payments in respect of that year included one claim relating to an insurance company in liquidation and thus the ICF limit of a maximum payment of 65% of the value of the claim or €825,000, whichever is lower, applied to the payment.
Payments made from the Insurance Compensation Fund 2011-2015
|
|
2011 |
2012 |
2013 |
2014 |
2015 |
|
Payments |
€331,173,695.00 |
€499,173,695.00 |
€350,000,000.00 |
€29,165.70 |
€275,207,542.48 |
|
Notional amount no cap |
No difference |
No difference |
No difference |
€42,640.00 |
No difference |
Note 1: The payments detailed above do not include costs/fees paid.
Note 2: The ICF payments were reduced in 2014 as no payments were required to be made in respect of Quinn Insurance (In Administration).
